The Deerwood Lake Commons shopping center sold last week for $12 million.

Deerwood Lake Commons sells for $12 million

Wednesday, June 4, 6:00 PM EDT

From Staff

The Deerwood Lake Commons shopping center near Tinseltown sold last week for $12.05 million.

The South Jacksonville center, anchored by Publix Super Markets Inc., was developed in 2003 at 4320 Deerwood Lake Parkway. Property records show the 7.5-acre center comprises three buildings that total about 70,000 square feet of retail space.

Deerwood Lake Commons LLC, in care of Invesco Real Estate in Dallas, sold the property to Deerwood Lake Station LLC, in care of Phillips Edison Group LLC of Cincinnati.

The Deerwood Lake Commons sale closed Thursday and was recorded Wednesday with the Duval County Clerk of Court. The Duval County Property Appraisers lists the center’s 2014 market value in progress at almost $8.1 million.

Its value appears to be recovering.

In 2004, developer Stiles Corp. of Fort Lauderdale sold it to PF Global Real Estate Advisors LLC of Parsippany, N.J., for $7.8 million.

In 2007, Prudential Real Estate Investors, with the same address as PF Global, sold it to Invesco for $14.75 million.